Bending Spoons, an Italian mobile app developer, has acquired WeTransfer, a Dutch file-sharing service. The deal was announced on Wednesday, but the financial terms were not disclosed. WeTransfer had planned an initial public offering in Amsterdam in early 2022, aiming for a valuation of up to €716 million ($776 million).
However, the company withdrew from the listing, citing a tough market for tech IPOs at the time. WeTransfer CEO Alexandar Vassilev revealed that the service has 600,000 subscribers and 80 million monthly active users. The platform is popular among artists and filmmakers for easily transferring large files.
Vassilev also stated that WeTransfer’s sales grew by 25% last year to €132 million, with over half of the revenue coming from advertising and the rest from subscriptions. Based in Milan, Bending Spoons has acquired several software firms and assets in recent years. The company raised $2.6 billion in a significant financing round in February, which allowed it to explore more global deals.
Acquisition enhances digital services portfolio
In 2022, Bending Spoons acquired Evernote, the company behind the popular note-taking app. It also pursued the video-hosting service Vimeo Inc. but withdrew after the parties couldn’t agree on the price. Luca Ferrari, CEO of Bending Spoons, stated that his company now boasts more than $600 million in revenues, not including WeTransfer’s sales. It’s a terrific business where we nonetheless see a substantial opportunity for improvement,” Ferrari said in emailed comments.
Ferrari also announced plans to invest $3 million over the next two years in a foundation WeTransfer established to support artists. However, he declined to say how many WeTransfer employees would be retained following the acquisition. Bending Spoons operates Remini, a photo- and video editing app that utilizes AI.
The acquisition of WeTransfer is part of the company’s ongoing strategy to expand its portfolio of digital services and enhance its presence in the global tech market.
